After fake account woes, Wells Fargo no longer US market cap leader

A fake account scandal and $185 million in cost its position asthe largest bank holding company by market capitalization in the U.S.

Market cap for the San Francisco-based banking giant was$227.50 billion as of market close Sept. 27, down from $251.77 billion atmarket close on Sept. 8, the day news of the scandal broke. Wells Fargo's shareprice fell more than 9% during that period.

The negative headlines kept coming. Bank Chairman and CEOJohn Stumpf faced a grilling during a Senate Banking Committee hearing onSept. 20 and resignedfrom an advisory council to the Federal Reserve on Sept. 22. The bank has beenpeppered with lawsuits since the scandal came to light. Politiciansincluding Democratic presidential candidate Hillary Clinton have called for clawbacks of executivecompensation, and Wells Fargo announced that Stumpfwill forfeit millionsof dollars in unvested equity awards and forgo his salary while independentdirectors conduct an investigation.

Stumpf is scheduled to testifybefore the House Financial Services Committee on Sept. 29.

JPMorgan Chase& Co. replaced Wells Fargo as the largest U.S. bank by marketcap on Sept. 13, at $240.31 billion as of market close.

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